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The Korea Herald
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THE INVESTOR
May 24, 2024

Finance

S. Korea, World Bank vow stronger cooperation on digital ID systems for developing nations

  • PUBLISHED :April 04, 2024 - 15:14
  • UPDATED :April 04, 2024 - 15:14
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The headquarters of Korea Minting, Security Printing & ID Card Operating (KOMSCO) in Daejeon (KOMSCO)

South Korea and the World Bank have agreed to enhance partnership on digital identification initiatives to share expertise and technologies related to South Korea's advanced digital ID system with developing nations, the state-run minting agency said Thursday.

During a meeting held in Seoul last week, the Korea Minting, Security Printing & ID Card Operating (KOMSCO) and the World Bank discussed ways of how to work together for sharing technology with and providing assistance to developing nations regarding their introduction of digital ID systems.

The World Bank has sought to provide reliable digital authentication services to developing nations, and South Korea has received requests from several nations, including the Philippines and Indonesia, for cooperation on their adoption of South Korean systems, according to the KOMSCO.

South Korea launched the next-generation K-DID system in 2020, a blockchain-based decentralized mobile ID system that better prevents personal information leakage and protects related rights of individuals.

KOMSCO chief Lim Do-hyun voiced hope for more nations to introduce the South Korean version and vowed to extend support for such countries.

In response, a World Bank official said his organization "will endeavor to explore ways to share (South) Korea's successful K-DID establishment cases with developing countries through our investigation," according to the KOMSCO.

The two sides will issue a report on their K-DID utilization project in the second half of this year, it added. (Yonhap)

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